An Illinois Pension Bailout?

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An Illinois Pension Bailout?

Governor Quinn wants you to guarantee his state's pensions.

By Bob Dillon

Opinion • September 2012 • Views: 822

Review & Outlook: An Illinois Pension Bailout?

Now that Chicago’s children have returned to not learning in school, we can all move on to the next crisis in Illinois public finance: unfunded public pensions. Readers who live in the other 49 states will be pleased to learn that Governor Pat Quinn’s 2012 budget proposal already floated the idea of a federal guarantee of its pension debt. Think Germany and eurobonds for Greece, Italy and Spain.

Thank you for sharing, Governor.

Sooner or later, we knew it would come to this since the Democrats who are running Illinois into the ground can’t bring themselves to oppose union demands. …

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3 comments

researchok Sep 21, 2012 • 3:08:50pm

From the article

As a political matter, public unions are pursuing a version of the GM strategy: Never make a concession at the state level, figuring that if things get really bad the federal government will have no political choice but to bail out the pensions if not the entire state. Mr. Quinn made that official by pointing out in his budget proposal that “significant long-term improvements” in the state pension debt will come from “seeking a federal guarantee of the debt.”

Our world

Dark_Falcon Sep 21, 2012 • 3:13:21pm

re: #1 researchok

From the article

Our world

Just so. This is part of a valid argument against a bailout in this case. The state unions need to be taught a lesson, and not just in Illinois. I say no federal guarantee and I further suggest that Illinois state employees should subject to the benefits and and retirement contribution increases put into place in Wisconsin.

Bob Dillon Sep 21, 2012 • 6:24:39pm

re: #2 Dark_Falcon

I guess in the long run it no longer matters. The chickens will be home to roost soon and no amount of can kicking or political smoke and mirrors will mask reality. Things that cannot go on tend to stop. Some take more time to stop than others. That bright light up ahead getting closer? Its not the end of the tunnel.
….
Oh, sorry … but this time is different!

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